"A trend is not made by one month's worth of data," George Roddy Sr., president of Foreclosure Listing Service Inc. in Addison, tells GlobeSt.com. "I just don't think that we've seen the peak. I think we'll see increases as time goes on. It's too early to forecast that we're out of the woods yet."
There were 87 properties posted, of which 28 were in Tarrant County. Dallas County had 42 notices tacked up while Collin and Denton each had eight and Rockwall had just one. By comparison, there were 80 properties posted for the July 2003 auction. And, the last time the region saw double digit postings was September 2003 when 95 properties were headed to the auction block.
As in the past, the July sale has more multifamily properties than any other product type, 16. The runner-up was hotels/motels with seven listings.
In year-to-date overview, multifamily and retail owners also have the highest numbers. Multifamily postings rose 82% from 2003's first seven months, 93 notices versus 51. The retail sector increased 27% to 66 postings in comparison to 52 for the same period last year.
Roddy's warning about more foreclosures later in the year are directed, in part, at the office sector. "There are still a lot of buildings out there that lenders have been nursing along," he says.
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